The Lagos State House of Assembly has passed the State 2018 appropriation bill of N1,046 trillion into law.
The passage of the budget which is the highest in the history of the State followed the adoption of the report and recommendations of the House Ad hoc Committee on Budget and Economic Planning, headed by Hon. Gbolahan Yishawu.
Hon. Yishawu, while presenting the committee’s report, said that efforts should be made to reduce the total overhead cost of the state.
The Speaker of the House, Mudashiru Obasa, during the presentation, commended Hon. Yishawu and members of the committee for thorough scrutiny of the budget within a short time frame.
The House passed the bill after Hon. Obasa conducted a voice vote on each of the sectoral allocations for ministries, departments and agencies.
The Speaker however directed the Acting Clerk of the House, Azeez Sanni, to send a copy of the bill to Governor Akinwnmi Ambode for his assent.
See the details of the budget below.
- The budget is the highest in the history of the state.
- The budget size represents a 28.67 per cent increase over the 2017 budget of N812 billion.
- The budget is termed by Governor Akinwunmi Ambode as the “Budget of Progress and Development.”
- 039 billion was approved as total recurrent expenditure from the consolidated revenue fund.
- 082 billion was approved as the total capital expenditure from the development revenue fund for the year ending December 31, 2018.